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Nov 30, 2012
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that was house speaker john boehner today putting to rest the idea that a fiscal cliff deal is on its way. some angry lawmakers are now saying the last three weeks have been a complete waste and that president obama's new detailed proposal is a total non-starter. hedge fund manager jonathan hoenig agrees. he joins us to tell us why he thinks the president's plan rests entirely punishing the minority, that is the rich. thanks for having you back on the show. >> hello, melissa. melissa: this is depressing topic you will make it light and happy for us somehow. >> there is nothing happy about wealth destruction that is exactly what president is doing. you raised a very important point. why is it the president's plan to fix the economic calamity specifically reinvolves hurting minority, as you point out the so-called rich? redistribution is once again the center of his proposal. it is not only immoral but impractical as well. we're talking about 1.6 dro trillion coming out of the economy, coming out of invests, not being put into new jobs and new businesses being sent to washington instead
that was house speaker john boehner today putting to rest the idea that a fiscal cliff deal is on its way. some angry lawmakers are now saying the last three weeks have been a complete waste and that president obama's new detailed proposal is a total non-starter. hedge fund manager jonathan hoenig agrees. he joins us to tell us why he thinks the president's plan rests entirely punishing the minority, that is the rich. thanks for having you back on the show. >> hello, melissa. melissa:...
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Nov 29, 2012
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a any real progress on fiscal cliff talks. phil flynn from price futures group, what is driving oil today? >> no doubt we're not tethered to the fiscal cliff. we're swinging on the rope back and forth. this risk on, risk off, fiscal cliff done, not done, has definitely tighten the market. there is more hine moves in oil today. we had some really good economic data but also here in the united states. that was very strong. we're look at tension in the middle east. we have the ongoing story. the concerns about iran and egypt still running very, very hot makes it more dangerous to be short. now the other good news that we did get, if you remember yesterday we saw a big pop up in heating oil and gasoline because of the power outage at the hess refinery in port reading in new jersey. we did get good news on that front. that is supposed to be fixed. production will start up right away. should be normal. that puts downward pressure on heating oil and gas. good news in the wild ride on the fiscal cliff. melissa: phil, real quick what i
a any real progress on fiscal cliff talks. phil flynn from price futures group, what is driving oil today? >> no doubt we're not tethered to the fiscal cliff. we're swinging on the rope back and forth. this risk on, risk off, fiscal cliff done, not done, has definitely tighten the market. there is more hine moves in oil today. we had some really good economic data but also here in the united states. that was very strong. we're look at tension in the middle east. we have the ongoing story....
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word of progress on the so-called fiscal cliff or the president's ultimatum. silence indicate a deal in the works or something too ugly for them to contemplate?@ we'll have the latest for you from the white house. white house correspondent ed henry here in just moments, but, first, the money line in hoping washington might get a deal done driving a modestly bullish mood on wall street at the end of the session. investors cheering news in a decline in jobless claims, and household wealth in the country grew by $1.7 trillion, to the highest level in five years, talk about a positive indicator for consumer purchasing. the dow jones industrial up 40 points, the s&p up five, and nasdaq rose 15.5 points. volume? a billion shares lighter than yesterday, but above the average of 3.1 billion trading on the board today. apple rebounded from yesterday's worst date performance in four years, a gain of $8.45 today with the ceo saying apple will move imac computer production to the country in the new year. garmin stock higher to replace rr donly in the s&p 500, the stock mo
word of progress on the so-called fiscal cliff or the president's ultimatum. silence indicate a deal in the works or something too ugly for them to contemplate?@ we'll have the latest for you from the white house. white house correspondent ed henry here in just moments, but, first, the money line in hoping washington might get a deal done driving a modestly bullish mood on wall street at the end of the session. investors cheering news in a decline in jobless claims, and household wealth in the...
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earlier, speaker boehner speaking about the fiscal cliff. now it is president obama. let's listen. >> we have emerged not yet where we need to be, but we certainly have made progress. the reason we have made progress in part is because of the outstanding management and productivity and gains and efficiencies that you have been able to achieve in each and every one of your companies. i have said this to some of the small groups, let me repeat it to the large groups, i am passionately rooting for your success. if the companies in this room are doing well, then, small businesses and medium size businesses up and down the chain are doing well. if companies in this room are doing well, then, folks get jobs, consumers get confidence and we will be able to compete around the world. now, the good news is, despite the extraordinary challenges we have seen over the last four years, there is progress in some key sectors of our economy. we have seen housing finally begin to bounce back for the first time. that has an enormous ripple effect throughout the economy. many of you, ove
earlier, speaker boehner speaking about the fiscal cliff. now it is president obama. let's listen. >> we have emerged not yet where we need to be, but we certainly have made progress. the reason we have made progress in part is because of the outstanding management and productivity and gains and efficiencies that you have been able to achieve in each and every one of your companies. i have said this to some of the small groups, let me repeat it to the large groups, i am passionately...
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to our top story tonight, speaker boehner and house republicans are rolling out their fiscal cliff counteroffer to the white house. includes $800 billion in new tax revenue. that is roughly half what the president was aiming for. 300 billion in discretionary spending cuts. 900 billion in mandatory spending cuts. now the white house responding just moments ago saying quote, the republican letter released today does not meet the test of balance. they don't like it. i'm joined by dan mitch chill from the cato institute for more on this. dan what do you think. these are a lot of things to occur just in the past few hours. do you feel like there is progress being made? >> there is progress but progress in the wrong direction. the number one thing to understand already even if all the tax cuts were made permanent, tax revenues projected to grow by 6.2% a year. so what they're really debating about how much should it grow even faster than that in order to enable bigger government. 100% of our fiscal problem is on the spending side. obama is being very inflexible on that. republicans i'm afraid will ge
to our top story tonight, speaker boehner and house republicans are rolling out their fiscal cliff counteroffer to the white house. includes $800 billion in new tax revenue. that is roughly half what the president was aiming for. 300 billion in discretionary spending cuts. 900 billion in mandatory spending cuts. now the white house responding just moments ago saying quote, the republican letter released today does not meet the test of balance. they don't like it. i'm joined by dan mitch chill...
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to raise taxes to 39.6%, and i think that'll take the edge off the fiscal cliff. david: let's take this discussion out of the beltway and into the real world. the economy, and, jeff, i want to start with you because you're bullish, but if you're so bullish, hy are you downgrading housing right now? >> because our housing team made a really good call on the housing stocks, and they outran their valuations on a short to intermediate-term basis. they downgraded them about two months ago. liz: okay, so where's the money? show it to us. >> i like just about everything except consumer staples. i think industrials look good, i think they are the new consumer staples. i think that consumer staples are the new investment vehicles of utility investors -- liz: and you like american tower, sba communications, you know, i just wonder why specifically that? is it sort of the cycle that you expect? we'll have a coiled spring from people holding back from spending? >> no. eventually, your computer's going to be in your cell phone or your quite, and you need -- your device, and yo
to raise taxes to 39.6%, and i think that'll take the edge off the fiscal cliff. david: let's take this discussion out of the beltway and into the real world. the economy, and, jeff, i want to start with you because you're bullish, but if you're so bullish, hy are you downgrading housing right now? >> because our housing team made a really good call on the housing stocks, and they outran their valuations on a short to intermediate-term basis. they downgraded them about two months ago....
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stuart: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately dismissed that plan, saying, the lower tax rates for the rich and quote, fix the middle class with a bill. again, we come back to this. the main sticking point is the tax rate issue. the president insists more revenue comes from higher rates, not deduction limits. -pit's a standoff and it contins less than four weeks to go until the deadline. be careful what you say in a local police want a law, new law requiring that text messages be saved for two years. how do you feel about that? ever texted something you wish would go away right now? there is of course the privacy issue as well. well, here comes the judge. he will be new at 10 on this one. got it. shares of darden restaurants, they're down today and they're the comp
stuart: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately dismissed that plan, saying, the lower tax rates for the rich and quote, fix the middle class with a bill. again, we come back to this. the main sticking point is the...
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can the republicans offer publicly an alternative, either to the fiscal cliff or to what the president is offering. the president's plan was put on the table last week. it was not that well with president on. speaker boehner and others. stuart: i wonder, as an insider, among democrats, and that is what you are, simon, i want you to tell me, what plans does the president or any other democrats, have to reform social entitlement? >> first of all, if you remember well, stuart, mitt romney and the republicans beat up on president obama for the last three years for cutting medicare at $716 billion. he has already showed he is willing to take a big bite out of a major entitlement program. stuart: hold on a second. i do remember it. that is not reform. that is not reforming the structure of entitlement programs. that is the issue. >> i think the focus has been on medicare. the attention now needs to be on medicare inside the aca. there were large structural reforms in the way healthcare was playing out. in fact, last year, we had a slower rate of growth and health care spending that we have h
can the republicans offer publicly an alternative, either to the fiscal cliff or to what the president is offering. the president's plan was put on the table last week. it was not that well with president on. speaker boehner and others. stuart: i wonder, as an insider, among democrats, and that is what you are, simon, i want you to tell me, what plans does the president or any other democrats, have to reform social entitlement? >> first of all, if you remember well, stuart, mitt romney...